Hyperliquid HIP-3 Records $5.2 Billion in Daily Trading Volume, Silver Perpetual Contracts Account for Nearly 68%

Odaily News: Hyperliquid's permissionless perpetual contract market, HIP-3, set a daily trading volume record of $5.2 billion on February 5th, marking the highest single-day figure for the protocol since its launch in October 2025. Among this, the silver perpetual contract deployed by TradeXYZ generated $4.09 billion in daily trading volume, accounting for approximately 68% of HIP-3's total activity that day.

Influenced by volatility in the precious metals market, HIP-3's open interest once peaked at $1.06 billion and is currently maintained at $665 million, representing an 88% increase month-over-month. Furthermore, Hyperliquid's trading volume in the gold and silver markets has reached about 1% of the trading volume of COMEX, the world's largest metals derivatives exchange. The platform is transitioning from a crypto-native perpetual contract platform to a full-asset trading layer, with silver and gold now ranking among its top five assets by trading volume.